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It says a great deal about the Washington establishment that the new consensus in economic policy thinking is that we have to cut Social Security to establish our credibility with bond markets.

Let's review the playing field for a moment. We have 15 million people unemployed, another 9 million under-employed and millions more who have given up looking for week altogether. We have somewhere between 3-4 million people who face the loss of their homes and tens of millions who have lost much or all of their equity.

All this happened because our leading economists and economic policy makers could not see an $8 TRILLION housing bubble. They also couldn't see the fraud and corruption by the Wall Street boys who got rich from the bubble.

These same experts then told us that if the taxpayers didn't hand the banks trillions in bailout dollars the world would end. Thanks to taxpayer generosity the banks are now back on their feet and the bonuses are higher than ever.

Against this backdrop the economic "experts" tell us that we have to cut Social Security to please the bond markets.

Just in case there is anyone in America who did not know, in Washington, when someone claims that we have to something to please the bond markets, this just their way of saying that they support a particular policy. So when the folks who missed the housing bubble say that we have to cut Social Security to please the bond markets, they really just mean that they want us to cut Social Security.

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